POD Point launches new £1.5m crowdfunding round to improve EV infrastructure

Charge point supplier POD Point has launched a new £1.5m crowdfunding round, part of a larger £9m fundraise led by Venture Capitalist Draper Esprit.

The funding round sees Draper investing £3m for new shares and £2m for secondaries alongside Barclays Capital, who are providing £2m of venture debt. £550k additional equity investment has also been secured from angel investors.

POD Point has made £2m worth shares available to the public through Equity Crowdfunding platform Crowdcube.

Over the past two years, POD Point has already successfully raised £3.3m in two crowdfunding rounds, through Seedrs and Crowdcube.

The new investment will be used to expand the vital charging infrastructure necessary for widespread adoption of electric vehicles in the UK. POD Point’s target is to double turnover to £9m in the 2016/17 financial year and benchmark market growth thereafter.

Pod Point was founded by Erik Fairbairn and has manufactured and sold more than 27,000 electric charge points. The expansion is likely to create 50 new jobs in the UK.

By 2020, POD Point intends to have one of its charging stations installed in every place where people park for an hour or more.

Erik Fairbairn, POD Point CEO, commented: “The way people use cars is changing and how they are powered is at the epicentre of that.

“Travel shouldn’t damage the earth, which is why we are building the most advanced intelligent charging network in the UK, the POD Point Open Charge Network.”

Simon Cook, CEO of Draper Esprit, added: “POD point is leading the charge in the EV infrastructure market in the UK and Europe.

“We not only think that the EV market will develop at pace over the next decade, but the POD point is set to play a significant role in enabling adoption.”